The science of monetary policy: A new Keynesian perspective
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- dc.contributor.author Clarida, Richardca
- dc.contributor.author Galí, Jordi, 1961-ca
- dc.contributor.author Gertler, Markca
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2017-07-26T10:50:47Z
- dc.date.available 2017-07-26T10:50:47Z
- dc.date.issued 1997-09-01
- dc.date.modified 2017-07-23T02:04:19Z
- dc.description.abstract This paper reviews the recent literature on monetary policy rules. We exposit the monetary policy design problem within a simple baseline theoretical framework. We then consider the implications of adding various real world complications. Among other things, we show that the optimal policy implicitly incorporates inflation targeting. We also characterize the gains from making credible commitments to fight inflation. In contrast to conventional wisdom, we show that gains from commitment may emerge even in the central bank is not trying to inadvisedly push output above its natural level. We also consider the implications of frictions such as imperfect information.
- dc.format.mimetype application/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=356
- dc.identifier.citation Journal of Economic Literature, 37, 4, (1999), pp. 1661-1707
- dc.identifier.uri http://hdl.handle.net/10230/360
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 356
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword monetary policy
- dc.subject.keyword credibility
- dc.subject.keyword stabilization
- dc.subject.keyword new keynesian models
- dc.subject.keyword Macroeconomics and International Economics
- dc.title The science of monetary policy: A new Keynesian perspectiveca
- dc.type info:eu-repo/semantics/workingPaper